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verb - transitive

to use up, until there is nothing left. When someone is taking advantage of another person ("using another person") they will play them out when they are going to see how much they can get from the person they are using. They are playing them out because the person will be out of what they want, or will no longer give.

He played her out for what she is worth.

As we got a bit older the late night party scene got to be way too played out for most of us to continue.